How will the gain be calculated for a non-domiciled individual with overseas assets if the gain arises in this tax year but is remitted next tax year?
. A gain arising to a non-domiciled individual in the current tax year, 2007-08, will be calculated under the usual rules, and indexation allowance will be available where appropriate. But that gain is chargeable in the next tax year, 2008-09, because the individual remits the gain in that year. No taper relief will be available and the single 18 per cent CGT rate will apply.
Related Questions
- How will the gain be calculated for a non-domiciled individual with overseas assets if the gain arises in this tax year but is remitted next tax year?
- What happens if the taxpayer dies before the start of the tax year when the charge to income tax on pre-owned assets comes into force?
- How Is Capital Gain Tax Calculated In India?
